Understanding Award Letters - MemberClicks€¦ · Financial Aid Award Letters Comparison of Awards...
Transcript of Understanding Award Letters - MemberClicks€¦ · Financial Aid Award Letters Comparison of Awards...
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Understanding Award Letters
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Washington Student Achievement Council 2
Agenda
What Now?
Components of Financial Aid Relating to Award Letters
Financial Aid Award Letters
Comparison of Awards
Understanding the Award
Decisions and Resources
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Washington Student Achievement Council 3
What Now?
Students and families need to know:
• Cost of Attendance (COA) and True Costs
• Financial Aid available
• Grants and scholarships
• Self-help program options for students.
• Work study
• Low-interest government loans.
• Payment plans and loan options to parents.
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Washington Student Achievement Council 4
= Cost of Attendance (COA)
STEP 1: Cost of Attendance (COA)
Indirect costs
Books, personal, and transportation costs typically not paid to the school.
Direct costs
School’s tuition and fees (and on-campus housing costs, if applicable)
Total Cost Per Year
Direct Costs Indirect Costs
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Step 2: EFC and Financial Aid Eligibility
Expected Family Contribution (EFC)
=
Certain Types of Financial Aid Eligibility
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Washington Student Achievement Council 6
Expected Family Contribution vs. Median Family Income
Federal Aid
• Ex: Pell, Student Loans
• Uses Expected Family Contribution (EFC)
State Aid
• Ex: Washington College Grant, College Bound Scholarship
• Uses Median Family Income (MFI)
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Washington Student Achievement Council 7
Cost of Attendance
(COA)
Expected Family
Contribution (EFC)
EstimatedFinancial
Need
How Is COA Used to Determine Eligibility?
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Washington Student Achievement Council 8
How is COA Used to Determine Net Costs?
Cost of Attendance
(COA)
Expected Scholarships
& Grants (gift aid)
Estimated Net Cost
Let’s take it one step further …
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Washington Student Achievement Council 9
What are the Total Real Costs?
• Direct costs
• What indirect costs do students really need to have covered?
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Washington Student Achievement Council 10
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Washington Student Achievement Council 11
How did that experience make you feel?
How much does it cost to attend?
Amount and types of aid?
What are your total real costs?
How much is not covered?
What are other resources to make up any difference?
Award Letter Essentials
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Washington Student Achievement Council 12
Schools produce award letters at varying points
in the application process
• Mail or emailDelivery
• Typically, February through MayTimeframe
Some schools will send scholarship letters
when students have been admitted
Receiving Award Letters
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Washington Student Achievement Council 13
• Grants
• Scholarships
• Tuition waivers
Gift Aid
• Earn funds towards cost of attendance
Work Study
• Federal
• Private
Loans
Accepting Aid
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Washington Student Achievement Council 14
In Summary
Affordability vs Cost of Attendance
Award Letter Variation
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Washington Student Achievement Council 15
Contact the college Financial Aid Office
Financial circumstances have changed
Payment plans, other opportunities
Questions About Financial Aid Awards?
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Washington Student Achievement Council 16
Resources
• 12th Year Campaign
• Award letter activity sheets
• College Knowledge Project
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QUESTIONS/DISCUSSION